How long have you been in the mortgage business and what inspired you to get into it?
I have been in the mortgage business since 1982. My aunt, whom I very much admired, was a loan underwriter and when I was a teenager she brought me into the mortgage business and mentored me. I started as a loan opener and quickly worked my way up the ladder into sales and management. I feel blessed to have had a very successful career for 30+ years in this industry.
Tell us about a mortgage product that consumers may not be aware of?
There are many times that a combo 1st and 2nd mortgage could benefit consumers. If the buyer is putting down only 10% typically with one loan there will be a requirement for mortgage insurance or to waive the mortgage insurance the interest rate can be very high. With an 80% first & 10% second mortgage combo, there is no mortgage insurance, it offers competitive rates and typically the overall housing payment is much lower. This is a great product, which you may want to consider even when you are putting 20% down but you know you will want to do home improvements later and an equity line of credit would come in handy. Another way this works well is when the buyer knows they will be getting a large lump sum of money in the near future and they will want to use that to pay down the loan. Instead of having to refinance, use the 1st and 2nd combo and make the second mortgage the portion that they will pay down later.
What are the top 3 misconceptions people have about the home loan process?
I have found that there are a lot of people who don't realize that they can qualify for home financing and/or how this would put them in a much better financial situation. There is also a lot of misunderstanding about credit and credit scores and people thinking they cannot qualify for a loan when they really can. This is why I like to talk to people as early as possible so that I can coach/help them to get themselves into the best possible position to purchase a home. It is never too early to see if you are ready now or best to wait and do some work.
What provides you with the most satisfaction in your job as a Loan Officer?
I find it very rewarding helping people to purchase a home. It doesn't matter if it is their first home or their 10th investment property. I love being able to help them to find the right program to meet their financial goals, then walk them through the loan process and finally being the first one to congratulate them on the successful closing.
Tell us something that makes you unique or something wacky, yet interesting about you?
I am recently fascinated by genealogy and can spend hours online researching family history. So far I have been able to trace my family back to the 1700s, obtain records from 3 other countries and found relatives I didn't know I had.